Not many people like to think too deeply about life insurance. It’s a little morbid, and the premiums can seem like a waste of money that could be better used for other things.
This is especially true if you’re a millennial who is young and healthy, but short of cash. However, there are several strong reasons why life insurance makes sense, whichever part of the millennial age group you’re in Affordable Healthcare 123 Tees, a company seeking to improve the healthcare arena for all, looks at the following reasons to consider life insurance:
Lower Costs
Even when you’re on a tight budget, it makes sense to start your life insurance policies early. Your premiums will be much lower when you’re young, fit, and have no health issues.
And most companies will let you lock in these lower prices for the future, whatever happens to your health. Starting your insurance now can save you a ton of cash over the longer term.
Easier Availability
Similarly, if you have no existing health conditions, qualifying for a policy is much easier. If you later try and get insurance after receiving a diagnosis, it will become much more complicated.
Coverage will be lower, harder to qualify for, and more expensive. Going through the qualification process now makes things far easier for the future.
Cover Your Dependents
If you’re a younger, childless millennial, you may reasonably think that you have no dependents and no reason to have life insurance. But remember, it’s not just children who can depend on you for help, care, and finances.
If you have aging parents or a live-in partner with whom you share bills, life insurance can take the load off those you leave behind if the worst happens.
And of course, if you plan to have children in the future, life insurance will become even more necessary. It simply makes sense to start the process now when it’s not so complicated and costly.
If You Have Debt
If you have college or other debt hanging over you, don’t assume it will vanish if you’re no longer around. You could be leaving behind a financial headache for your loved ones if you don’t have enough coverage to take care of what you owe.
Efficient Savings Vehicle
If you choose a policy that you can later borrow against or cash in, life insurance makes an effective savings vehicle. This is especially important in these days of record low federal bank rates, which make standard savings accounts unattractive.
Supplement Your Employment Insurance
Lastly, you may be fortunate enough to enjoy the benefits of an insurance scheme provided through your employer. Welcome as this is, it’s not perfect.
It can limit your future career choices, and if you develop a long-term illness you may find your policy expires if you’re no longer able to work.
Taking out your own life insurance as a supplement is a valuable extra layer of protection.
Life insurance can seem like an unnecessary burden when you’re young and enjoying life. Putting it off for later is only natural. But arranging a good policy now won’t cost a fortune, and it could save a whole lot of heartache a few years down the line.
About: At a political rally in Sacramento, Sarah Williams made a custom tee-shirt based around a simple belief—healthcare should be as affordable as clothing. Her belief has blossomed into apparel company Affordable Healthcare 123 Tees, dedicated to helping bring medical care to all Americans one shirt at a time.
